Asante Gold Corp (CNSX:ASE) reported good progress at Fahiakoba concession as well as Betanase, as it reported its full-year results on Tuesday.
The company has no operational revenue, and exploration activity is subject to the availability of funds raised through financings, of which there have been four since the end of 2015.
Global financial and commodity markets have been volatile, the company said, and the business is thus impacted by these generic industry factors which are beyond its control.
Asante said it anticipates obtaining additional financing in the future primarily through further debt and equity financing.
The company has completed its initial exploration program on the Fahiakoba Concession, consisting of 4,987.5 metres of diamond drilling, ground VLF-EM geophysics and 1,200 auger drill holes. Results are considered sufficiently encouraging and further work will be commenced when adequate working capital is available.
Asante has also completed a program of ground geophysics at Betanase, covering the strong gold in soil anomaly previously outlined by Perseus Mining (Ghana) Limited, and has completed four diamond drill holes for a total of 562 metres. Significant results to 4m at 3.14 g/t gold and widespread alteration and quartz veining were noted in the drilling. A Phase II drilling program is planned to test associated ground IP geophysical anomalies when additional working capital funding is sourced.
With a challenging backdrop, the net loss for the year ended January 31 was C$852,863 versus a loss of C$711,470 in the previous full year.